Information may want to be free, but in the long run people will pay for content, media mogul Barry Diller tells Betty Liu in this video from Bloomberg TV. Consumers have become used to paying for music and apps, and ultimately they will accept paying for information from newspapers, he argues.

The New York Times paywall, Diller says, will pay off eventually, but not before a rough few years.

“I think they'll succeed eventually, not this time around," he said. "This is going to be an evolution. It's going to take years for the pricing to get in line, for the form factors to get in line, for consumer habits to develop, for one click, one ease path of pricing, one completion of the order to happen. All this stuff is going to jumble around awkwardly for the next years."

He argues that it took “seven or eight years for the iTunes concept” to become a huge success. The same will happen in the news business, says the former chief of Fox and Paramount.